Gas Companies Are Abandoning Their Wells September 21 2020, 0 Comments

From Bloomberg Green, "Gas Companies Are Abandoning Their Wells, Leaving Them to Leak Methane Forever":

Just one orphaned site in California could have emitted more than 30 tons of methane. There are millions more like it...

In the past five years, 207 oil and gas businesses have failed. As natural gas prices crater, the fiscal burden on states forced to plug wells could skyrocket…

...190 more companies could file for bankruptcy by the end of 2022. Many oil and gas companies are idling their wells by capping them in the hope prices will rise again…

"It's cheaper to idle them than to clean them up," says Joshua Macey, an assistant professor of law at the University of Chicago, who's spent years studying fossil fuel bankruptcies. "Once prices increase, they could be profitable to operate again. It gives them a strong reason to not do cleanup now. It’s not orphaned yet, although for all intents and purposes it is."

Thanks to NY-GEO member Jens Ponikau for this tip.

Gas well No. 095-20708, 4 miles north of Rio Vista, Calif., in 2017 Photographer: Lisa Vielstädte